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GPD-linked Bonds as a Financing Tool for Developing Countries and Emerging Markets
Schröder, Michael; Heinemann, Friedrich; Kruse, Susanne; … - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2004
The paper examines the applicability of GDP-linked bonds for the financing of developing countries and emerging markets. GDP-linked bonds are bonds of which the coupon and/or redemption payments are tied to the GDP of the issuing country. The study encompasses a detailed empirical analysis of...
Persistent link: https://www.econbiz.de/10005098051
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How do banks screen innovative firms? Evidence from start-up panel data
Brown, Martin; Degryse, Hans; Höwer, Daniel; Penas, … - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2012
Start-up firms often face difficulties in raising external funds. Employing a unique panel dataset covering 9,715 start-up firms over the period 2007-2009, we find that high-tech startups are less likely to use bank finance and face more difficulties in raising bank finance than low-tech...
Persistent link: https://www.econbiz.de/10010985643
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Do we need a separate banking system? An assessment
Lang, Gunnar; Schröder, Michael - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2013
Motivated by the current discussion on different separate banking systems, we provide an overview of the different systems, question them and outline their effect on systemic stability and the German banking sector. The results show that the various separate banking systems only play a minor...
Persistent link: https://www.econbiz.de/10010985673
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How does the domiciliation decision affect mutual fund fees?
Lang, Gunnar; Köhler, Matthias - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2011
In this paper, we analyze whether the domiciliation decision of mutual funds has an impact on fund fees. To explain the fee price-setting of mutual funds, we consider characteristics specific to funds, fund companies, and countries. We find that fees vary considerably across fund types and...
Persistent link: https://www.econbiz.de/10010985715
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The European Commission and EUA prices: a high-frequency analysis of the EC's decisions on second NAPs
Rotfuß, Waldemar; Conrad, Christian; Rittler, Daniel - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2009
This paper empirically examines price formation in the European Union Emissions Trading Scheme (EU ETS). Our analysis …
Persistent link: https://www.econbiz.de/10008533676
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Intraday price formation and volatility in the European Union emissions trading scheme: an introductory analysis
Rotfuß, Waldemar - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2009
This paper presents an introductory analysis of price formation and volatility in the European Union Emissions Trading … Scheme using highfrequency data. The results show that there are several anomalies both in the EUA spot and EUA futures …, price formation in the EUA spot market (BlueNext) may be strongly affected by the price formation in the EUA futures market …
Persistent link: https://www.econbiz.de/10005098352
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Modeling and explaining the dynamics of European Union allowance prices at high-frequency
Conrad, Christian; Rittler, Daniel; Rotfuß, Waldemar - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2010
In this paper we model the adjustment process of European Union Allowance (EUA) prices to the releases of announcements at high-frequency controlling for intraday periodicity, volatility clustering and volatility persistence. We find that the high-frequency EUA price dynamics are very well...
Persistent link: https://www.econbiz.de/10008568591
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Nonlinearity in cap-and-trade systems: The EUA price and its fundamentals
Lutz, Benjamin Johannes; Pigorsch, Uta; Rotfuß, Waldemar - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2013
In this paper we examine the nonlinear relation between the EUA price and its fundamentals, such as energy prices, macroeconomic risk factors and weather conditions. By estimating a Markov regime-switching model, we find that the relation between the EUA price and its fundamentals varies over...
Persistent link: https://www.econbiz.de/10010985650
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Nonlinearity in cap-and-trade systems: The EUA price and its fundamentals
Lutz, Benjamin Johannes; Pigorsch, Uta; Rotfuß, Waldemar - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2013
In this paper we examine the nonlinear relation between the EUA price and its fundamentals, such as energy prices, macroeconomic risk factors and weather conditions. By estimating a Markov regime-switching model, we find that the relation between the EUA price and its fundamentals varies over...
Persistent link: https://www.econbiz.de/10010985685
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Asset pricing without garbage
Kroencke, Tim A. - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2013
This paper provides an explanation why garbage as a measure of consumption implies a several times lower coefficient of relative risk aversion in the consumption-based asset pricing model than consumption based on the official National Income and Product Accounts (NIPA): Unlike garbage, NIPA...
Persistent link: https://www.econbiz.de/10010957584